What is the payout phase of an annuity contract?

Annuity contract payout phase
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What is the payout phase of an annuity contract?

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The payout, or income phase, refers to the period when you will receive regular income payments from the annuity. Income payments are based on the value of the contract at the time the option is elected. Income guarantees are backed by the claims-paying ability of the issuing company.

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